Asset Protection Planning: What to Do If A Disaster Happens? | Monroe Township - Middlesex County
Website Home Contact Us Blog Archives Blog Home

Interesting Image
 
 
 

Would you like more information on:

 
 
 
Schedule a Phone Call
to discuss your planning needs!
Click to Schedule an Appointment







Website Home


Topics



Archives


Contact Information

Forsgate Commons
241 Forsgate Drive
Monroe, NJ 08831
PH: (732)521-WILL (9455)
FX: (732)521-1204
Info@LawEsq.net
www.LawEsq.net






Asset Protection Planning: What to Do If A Disaster Happens?

December 9, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

If a disaster impacts your family, you may also be concerned about how it will impact the assets you have already set aside and made some effort to protect. Your earning power is what enables you to prosper throughout your work life, but it can all be halted in an instant in the event of a disaster.

If you were to become disabled, however, all of this can be brought into question and perhaps your previous planning doesn’t meet your current needs. If you are disabled, social security disability payments can kick in but you must have a condition lasting at least one year and you must have worked long enough and recently enough to trigger this.shutterstock_195425765

Worker’s compensation might also be able to contribute if the injury happened while you were on the job. Some employers may also offer a long term or short term disability insurance of varying lengths. You can look into purchasing disability insurance but it may cost 5 – 10 times what it was with a group policy. If you were to pass away unexpectedly, Social Security survivor benefits and group coverages may not be enough. Calculations of needed amounts can be conducted at www.lifehappens.org. Term life insurance is another critical part of your asset protection planning strategy that can help to protect your family if an accident were to take your life.

Leave a Reply

Your email address will not be published. Required fields are marked *